Industry News

Shale project economics still reign supreme as cost of new oil production rises further

07/10/2024 Posted by Dale

The cost of developing new upstream oil projects is continuing to rise as inflationary pressure and supply chain woes endure. New research from Rystad Energy shows that the average breakeven cost of a non-OPEC oil project grew to $47 per barrel of Brent crude, a 5% increase in the last year alone. Despite rising costs, breakevens are still less than current oil prices.

Offshore deepwater and tight oil projects remain the most economical new supply sources, with oil sands still the most expensive.

Why It’s “Time for the Oil and Gas Industry to Get Serious About Methane Management”

07/10/2024 Posted by Dale

In this article, Dr. Neil Bird, Chief Scientist at Fluenta, has provided commentary on the new Bureau of Land Management rule targeting methane management in the oil and gas industry. He highlights the need for operators to adopt advanced technologies like ultrasonic meters to stay compliant, reduce emissions, and prepare for increased scrutiny with the upcoming MethaneSat data.

"As the oil and gas industry grapples with the recent Bureau of Land Management rule change, it’s clear that we’re entering a new era of accountability, especially when it comes to managing methane emissions.

West Coast Gas Outlook 2024 – “Calm Before the Storm”

06/10/2024 Posted by Dale

Rick Wilkinson, editor of new report released by independent energy consultancy EnergyQuest, West Coast Gas Outlook 2024 – Calm before the storm?, shows that WA’s domestic gas market is likely to see significant supply shortfalls from 2029 onwards.

The West Coast Gas Outlook 2024 shows the WA Government didn’t need to make major changes to its Domestic Gas Policy to ensure sufficient domestic gas supply over the next four years, but we are in the calm before the storm and changes to the Policy are on the cards from 2029.

Chevron-Hess Courtship is Getting Serious

05/10/2024 Posted by Dale

Chevron is closing in on a$53 billion merger with Hesss ...subject to Arbitration

U.S energy giant Chevron and Hess Corporation, have sidelined the Federal Trade Commission (FTC) antitrust review in spite of moves for˙Hess’s Chief Executive Officer (CEO) to join the oil major’s board on the basis of his previous connection with global competitors such as OPEC.

An ongoing arbitration process initiated by Hess’ Stabroek block partners have overlapped issue with the assets off the coast of Guyana which has complicated the propose merger.

The Chevron-Hess merger has passed the FTC antitrust review --satisfying one of the closing conditions for the transaction, the Federal Trade Commission’s action to resolving key antitrust concerns related to the acquisition ended up approving a proposed consent order that would prohibit Chevron from appointing John B. He

OPEC is Betting Big on Oil to hit 120 MMBBL to 2050 and Beyond

05/10/2024 Posted by Dale

For OPEC, it is a great honour to launch the World Oil Outlook (WOO) 2024 in Brazil. The country’s comprehensive and inclusive approach to energy issues has been on display through its G20 presidency in 2024, and will no doubt be central to its hosting of COP30 in 2025. This stance is fully in line with OPEC’s development of its WOO, as well as the Charter of Cooperation between OPEC and participating non-OPEC countries, a voluntary framework for dialogue and a platform for multilateralism.

This year’s WOO provides governments, policymakers and people around the world with realistic and sustainable future energy pathways.

NFE’s FLNG1 Delivers First Cargo to Europe

05/10/2024 Posted by Dale

New Fortress Energy,s’s first Fast LNG (FLNG) asset, FLNG 1 – comprising three repurposed jack-up rigs off the coast of Altamira – has had its first full LNG cargo fully loaded onto the Energos Princess, which setsail for Europe. This comes less than two months after completing the first cargo load and sail operation.

“This is a significant milestone for our Fast LNG installation.

Victoria’s gas appliance bans rob consumers of choice and competition

11/09/2024 Posted by Dale

Victoria’s proposal to phase out some gas appliances in existing connected homes and businesses ignores the fundamentals of the energy transition and robs consumers of choice and competition.

Australia’s oil and gas industry today welcomed news that homes and businesses would not have to replace popular gas stovetops with electrical appliances under the state’s net zero road map.

However, the sector has called for the State Government to reverse a new edict forcing residents and businesses to switch gas heating and gas hot water appliances to electric at significant cost.

Australian Energy Producers Victorian Director Peter Kos said gas had been a critical, popular and reliable fuel for millions of Victorian homes and businesses for decades.

New Zealand Sanctions Gas Import Terminal and Commits to Rescinding Exploration Ban ASAP

11/09/2024 Posted by Dale

The New Zealand Parliament passing a law facilitating construction of a LNG terminal to provide a flexible fuel supply for shortages in dry years has been accompanied by a pledge to rescind the Labour Party’s 2018 ban on new fossil fuel exploration.

In spite of the new National-led Government’s determination to revitalise the New Zealand gas sector, it will take years for any new supply to come online which has complicated the issue of where the yet to be constructed regasification terminal will be located.

The crisis came to a head after soaring electricity prices due to a shortage of local gas and low water levels in hydro dams forced some businesses to close, sending costs to an all-time record high of $55/gigajoule in early September.

Public EV Charge Point Installations over Six Times Behind Levels Required by 2030 to Meet Growing Demand and Government Regulations

10/09/2024 Posted by Dale

This is according to Konect, an innovator in electric vehicle charging, which offers fuel retailers a "rapidly deployable solution" to help plug gaps and offer “convenient” charging locations.

Konnect said key markets in the electric vehicle (EV) transition were falling behind in their stated goals for public charging infrastructure, according to the latest figures from World EV Day™.

The data reveals that the US, Europe and the UK are more than six times behind the number of plugs needed to meet growing EV demand by 2030.

Tamboran Spuds Shenandoah South 2-H Well – the Largest Single Drilling Campaign in the Beetaloo

03/09/2024 Posted by Dale

Tamboran has spudded the Shenandoah South 2 (SS-2H) well in EP 98, which is being drilled off a new pad located approximately 3 miles north of the Shenandoah South 1H (SS-1H) well and within the Tamboran-operated SS Pilot Project area (47.5% working interest).

Tamboran said that following the drilling of the SS-2H well, the JV will immediately drill the Shenandoah South 3H (SS-3H) well off the same pad ahead of the stimulation program.

The SS-2H and SS-3H wells will be drilled with the Helmerich & Payne super-spec FlexRig® Flex 3 rig and will target the Middle Velkerri B Shale at a depth of approximately 3,020 metres.